Le cause della crisi d’impresa. Analisi dei fattori di crisi delle grandi imprese in Amministrazione Straordinaria

Abstract

Purpose of the paper: The aim of the paper is the evaluation of the main determinants of the crisis of large companies under extraordinary administration in order to verify if these factors are consistent with the explanatory models described in the literature. Methodology: The qualitative variables of the research are based on the systematization of the international literature. Two distinct research groups have evaluated the presence and relevance of each variable with respect to 86 corporate groups. The analytical comparison between the two groups has led to the the overall assessment. Findings: The crisis of the analyzed companies is primarily determined by endogenous strategic factors and imbalances in the capital structure. The study confirms that the main determinants of the crisis are consistent with the models of the business failure described in the economic literature. Research Limits: Additional empirical researches are required to assess the other variables of the business failure. In addition, the research analyses companies suited in the very advanced stages of the crisis. Practical Implications: The findings are the most important input for the implementation of tools to predict the evolution of the crisis. Originality of the paper: The research is based on an assessment model of the crisis’ determinants based on an analytical comparison of evaluations made on the basis of heterogeneous sources of information. In addition, the study confirms the validity of the theoretical constructs developed by the literature with regard to the analyzed large Italian companies.